Economy News – Baghdad
The Executive Director of the Association of Iraqi Private Banks, Ali Tariq, praised the Central Bank’s direction to establish digital banks to keep pace with the great development in the global banking sector.
In an interview with “Economy News”, Tariq said that “the world is moving towards digitizing banking services, and Iraq has started its first steps in establishing digital banks, as so far there is a licensed digital bank inside Iraq, and provides its services naturally to the public.”
He pointed out that “the Central Bank of Iraq issued the instructions for licensing banks, which specified their number not exceeding 10% of the total banks operating inside the country, with a capital of 100 billion dinars, provided that traditional banks participate by 30%.”
He added that “digital banks are similar to traditional banks, but differ that they do not have branches, and most of their services via mobile, noting that the size of central banks in the world has increased significantly and reached more than 500 digital banks.”
Tariq pointed out that “traditional banks still provide their services through applications, and they are keeping pace with the development in the banking sector.”
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Added 2024/05/13 – 9:55 AM
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